PTT buys 41.6% shares in Indian solar company

The shares were bought for $453m.

The power generation arm of Thailand state-owned PTT Group, Global Power Synergy Public Company Limited (GPSC), has acquired a 41.6% of equity interest in Avaada Energy Private Limited with a total investment of THB148b (approximately $453m).

The deal was made through GPSC’s subsidiary Global Renewable Synergy Company Limited (GRSC) with the law firm Latham & Watkins advising.

The investment enhances GRSC’s expertise in solar power generation and is intended to capitalize on expected growth in Avaada’s portfolio following the Indian government’s plans to increase the supply of electricity from renewable sources by 2030.

GRSC is a wholly-owned subsidiary of GPSC which engages primarily in the production and distribution of electricity, steam, industrial water, and public utilities. GPSC is a unit of the state-owned energy company, PTT Public Company Limited.